|Weak Asia market brings down Wotif profits.|
A weaker Asian market has offset high performing Australia and New Zealand, according to Wotif’s latest financial update.
The online company announced a 4.6 percent dip in profit after tax for the first six months of the financial year compared to the last, a fall from AU$28.8 million to AU$27.5 million.
Australia and New Zealand were among the group’s most profitable regions, with a one percent growth in accommodation revenue and an 11 percent rise in flight revenue.
However, growth within Australia and New Zealand was offset by a weaker Asia market, with accommodation revenue from Asia and the rest of the world falling 19 percent over the same period.
Wotif chief executive Scott Blume said further investment in the business, including increased cost in technology, staff and marketing also impacted results.
Meanwhile, Mr Blume added that over the coming weeks, he will work with the Wotif team to look at new opportunities that will leverage on the company’s “internal intellectual property in the online space”.
“We will continue to invest in developing our people, sites and systems to enable the next phase of our growth and continue to ensure that our customers have an outstanding onsite and support experience with our teams,” Mr Blume explained.